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House price inflation in the capital remains strong, despite the Land Registry recording a national rise of just 0.1 per cent in July.

The price of an average house went up 1.1 per cent last month - the largest gain since February - bringing its annual rate of growth to 15.5 per cent. That compares with a national average of just 8.8 per cent.

Strong economic pulling power and recent big city bonuses are being credited for the capital's continued growth, but in other areas of the country the housing market is sluggish

"The slowdown continues to accelerate as homeowners and prospective buyers deal with the impact of five interest rate increases since last August," said David Stubbs, senior economist at the Royal Institution of Chartered Surveyors.

He added: "The number of new buyer enquiries has fallen for eight months in a row and the amount of stock on estate agents' books has risen every month since March."

Areas such as Yorkshire, Humberside, the West Midlands and Wales all saw prices fall for the second consecutive month. The last time that happened was two years ago and analysts caution that the full impact of interest rate hikes have yet to be felt, so further falls are likely.

In total the number of homes sold in the UK between February and May fell by eight per cent, down to 92,192.

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Author:  Joanne McCabe

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